Amala Foods PLC Operational Update (8173C)
23 June 2021 - 4:00PM
UK Regulatory
TIDMDISH
RNS Number : 8173C
Amala Foods PLC
23 June 2021
Amala Foods Plc
( " BigDish " or the " Company")
Operational Update
Amala Foods Plc (LON: DISH), a food technology company, is
pleased to announce an Operational Update.
Highlights:
-- Loan extension term sheet signed that will extend funding to
Q1 2022 and achieve commercial traction
-- Plant based products completing the research and development
phase
-- Key Performance Indicators on target
The Company announced previously on 2 4 September 202 0 entering
into an agreement for a short-term loan of GBP 540,000. The Company
has only utilised GBP 200,000 of the loan. The Company has signed a
term sheet to extend the loan term to the first quarter of 2022 and
to use the remaining balance of the loan. This will enable to the
Company to achieve initial commercial traction. The Company will
update the market when an agreement is executed.
The Joint Venture Company, Amala Foods Inc is operational and
the team has now moved into the purpose built commercial facility.
This has resulted in substantial cost savings. The culinary team
has increased in size and the Company has hired a food
scientist.
The previously stated Key Performance Indicators remain on
target and several plant based products are in the process of
completing the research and development phase and will now enter
the commercial development phase. Furthermore, discussions are
taking place with various distribution channels.
The Company will provide further updates to the market in due
course.
Enquiries:
Jonathan Morley-Kirk, Non-Executive jmk@bigdish.com
Chairman
Note to Editors:
The word Amala is derived from Sanskrit meaning " clean, pure
".
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